Hyundai Completes Its Acquisition of the Robotics Firm Boston Dynamics

South Korean automaker Hyundai Motor Corp announced it completed its acquisition of robotics company Boston Dynamics. Hyundai acquired the controlling interest of the company from Japan’s Softbank Group Corp.

The deal values the Waltham, Massachusetts-based robotics firm at $1.1 billion. 

Post-closing, Hyundai holds an 80% stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20% stake. Additional financial details were not disclosed.

Boston Dynamics’ mission is to develop advanced robots that can enrich people’s lives. The company is known for its advanced mobile robots that can walk, jump and perform tasks eerily like humans. The company was founded in 1992 and spun out of the MIT Leg Lab, which develops robots that use “legs” to better maneuver.   

Read the source article at FutureCar